What production process is sensitive to the real exchange rate because its fluctuations affect the demand for the firm's products?

Gompers' (1995) theoretical model of venture financing focused on mitigating principal-agent conflicts between the entrepreneur and an outside financier. His model explains why ventures are developed in stages: the end of each stage is

a. a cash-out opportunity. b. an opportunity to harvest parts of the venture. c. a time for management to rest and recuperate. d. a monitoring opportunity.

Kayla is in the 28% federal income tax bracket and the 5% state income tax bracket

If she purchases a municipal bond yielding 4.25%, what is the equivalent yield on a taxable bond if the municipal bond income is exempt from both federal and state taxes? A) 4.47% B) 5.90% C) 6.34% D) 6.21%